Eighty days ago, Emma was supposed to pay $870 to Regina. She also will owe Regina $1,230 in 120 days. However, Emma is unable to pay these amounts; so instead, Regina has agreed to accept two equal payments due after three months and six months, respectively. If the interest rate is 1.25%, determine the size of the quarterly payments.
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- Marilyn was supposed to pay $1.620 to Bernice on March 18. Some time later Marilyn paid Bernice an equivalent payment of $1,67263. allowing fora time value of money of 24% compounded monthly. When did Marilyn make the payment? (Do not round your Irntermediate calculatlons and round your anewer to the neorest month.) Marylin mode the payment months later.Chelsea was supposed to pay Jacob $4,800, 6 months ago, and $1,500, 5 months from now. If she wants to reschedule these payments with two payments, one payment of $3, 100 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 5.25% p.a. and the agreed focal date is 3 months from now.Nine months ago, Muriel agreed to pay Aisha $1,900 and $801 on dates 6 and 12 months, respectively, from the date of the agreement. With each payment Muriel agreed to pay interest at the rate of 8 1/2% from the date of the agreement. Muriel failed to make the first payment and now wishes to settle her obligations with a single payment four months from now. What payment should Aisha be willing to accept if money can earn 6 1/2 %? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment $
- Melissa was supposed to pay Erik $4,100, 6 months ago, and $1,760, 5 months from now. If she wants to reschedule these payments with two payments, one payment of $3,900 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 6.75% p.a. and the agreed focal date is 3 months from now. $203.38 Ⓒ Round to the nearest centToday is January 1, 2021. Jason borrows from Jessica $239,037 and agrees repay her by monthly installments. Payments will increase at a rate of 0.5% per month. The first payment of $1,000 is to be made exactly one month from today. However, after Jessica has worked out the time it will take for the entire loan to be repaid, she thinks it is too long. She proposes cutting the repayment time in half. Also, instead of growing payments, Jessica prefers a constant amount paid at the end of each quarter. The effective annual interest rate is 10%. a) Determine how much time it takes Jason to repay the loan under his proposal. Round your answer to the nearest number of months. (Hint: ln xy = y ln x) b) Find the amount Jessica prefers to receive at the end of each quarter under her new proposal. Ignore your answer in part a) and assume it to be 420 months. c) Calculate the amount of interest Jason will have paid over the life of the loan.Rose's VISA balance is $1,880 . She may pay it off in 10 equal end-of- month payments of $200 each. What interest rate is Rose paying per year?
- Today is January 1, 2021. Jason borrows from Jessica $239,037 and agrees repay her by monthly installments. Payments will increase at a rate of 0.5% per month. The first payment of $1,000 is to be made exactly one month from today. However, after Jessica has worked out the time it will take for the entire loan to be repaid, she thinks it is too long. She proposes cutting the repayment time in half. Also, instead of growing payments, Jessica prefers a constant amount paid at the end of each quarter. The effective annual interest rate is 10%.Find the amount Jessica prefers to receive at the end of each quarter under her new proposal. Assume it to be 420 months.Today is January 1, 2021. Jason borrows from Jessica $239,037 and agrees repay her by monthly installments. Payments will increase at a rate of 0.5% per month. The first payment of $1,000 is to be made exactly one month from today. However, after Jessica has worked out the time it will take for the entire loan to be repaid, she thinks it is too long. She proposes cutting the repayment time in half. Also, instead of growing payments, Jessica prefers a constant amount paid at the end of each quarter. The effective annual interest rate is 10%. Determine how much time it takes Jason to repay the loan under his proposal. Round your answer to the nearest number of months. (Hint: ln xy = y ln x)Giselle wants to withdraw $7500 at the beginning of every three months for 20 years starting on the day of her retirement. If she will retire in 24 years and interest is 3.95% compounded quarterly, how much must she deposit into an account at the beginning of every quarter for the next 24 years starting now? Show all inputs and any other necessary work below. This question requires two separate steps. Show all inputs for both steps and any other necessary work. P/Y = P/Y = C/Y = C/Y = N = N = IY = I/Y = PV = PV = PMT = PMT = FV = FV = Final Answer:
- At the time of her grandson's birth, a grandmother deposits $12,000 in an account that pays 3.5% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period? The value of the account will be $ (Round to the nearest dollar as needed.)Mary's lawyer gave her the following two options to settle her invoice. 1)$1900 in 1 month and the balance of $2,800 in 5 months. 2)Two equal payments , one in 21 days and the other in 10 months. If money earned 5.30% p.a. , what was the value of the equal payments in option 2) such that it is equivalent to the payments in option 1).Use now as the focal date for this question.Tina purchases a new computer by financing it on the "no payment until next year" plan. The cash price of the computer is $1443. The financing agreement requires equal payments every month for two years If the first payment of $87 is due at the beginning of the month starting one year after the date of purchase, and interest is 23.3% compounded monthly during the first year, what is the monthly compounded nominal interest rate for the following two years? The nominal interest rate is 11.41 % compounded monthly (Round the final answer to two decimal places. Round all intermediate values to six decimal places as needed.)